#Q3_2017Orange financial results

Ramon Fernandez

Deputy CEO, Chief Financial and Strategy Officer

26 October 2017

Disclaimer

This presentation contains forward-looking statements about Orange. Although we believe these statements are based on

reasonable assumptions, they are subject to numerous risks and uncertainties, including matters not yet known to us or not currently

considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will

actually be achieved. Important factors that could cause actual results to differ from the results anticipated in the forward-looking

statements include, among others: the success of Orange’s strategy, particularly its ability to maintain control over customer

relations when facing competition with OTT players, risks related to banking activities, loss or disclosure to third parties of

customers data, Orange’s ability to withstand intense competition in mature markets, networks or software failures due to

cyberattacks, damage to networks caused by natural disasters, terrorist acts or other reasons, various frauds affecting Orange or its

clients, Orange’s ability to retain the necessary skills given the high level of employee retirements and the development of new

needs, difficulties in integrating newly acquired businesses as part of the telecommunication sector’s consolidation in Europe, its

ability to capture growth opportunities in emerging markets and the risks specific to those markets, possible adverse health effects

associated with the use of telecommunications equipment, risks related to the single brand strategy, the eruption of a global

financial or economic crisis, fiscal and regulatory constraints and changes, the results of litigation regarding regulations, competition

and other matters, disagreements with its co-shareholders in companies that Orange does not control, the terms of access to capital

markets, interest rate or exchange rate fluctuations, Orange's credit ratings, changes in assumptions underlying the accounting

value of certain assets resulting in their impairment, and credit risks or counterparty risks on financial transactions. More detailed

information on the potential risks that could affect our financial results is included in the Registration Document filed on April 6, 2017

with the French Autorité des Marchés Financiers (AMF) and in the annual report on Form 20-F filed on April 7, 2017 with the U.S.

Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Other than as required

by law, Orange does not undertake any obligation to update them in light of new information or future developments.

22

Section oneFinancial results overview

Revenue€ 10.3 bn

Adjusted

EBITDA**

Capex

€ 3.6 bn

€ 1.6 bn

4

Group

Customers 269 m

yoy : comparison with the same period of the previous year,

on a comparable basis unless otherwise specified

All Group level mentions include both telecom and banking

activities. Conversely, all mentions excluding Orange bank

are explicitly called “Telecom”

** see slide 25 for EBITDA adjustments

Q3 2017 Group achievements

+0.9%

+€95m

Q3 2017*

+2.1%

+73€m

Q3 2017*

Q3 2017*

2.4%

+2.5%

+39€m

Q3 2017*

* yoy cb

9m 2017*

+1.0%

+€317m

9m 2017*

+2.2%

+203€m

9m 2017*

+2.8%

+134€m

Convergence, the bedrock of our commercial performance

5

-4pts -9pts -2pts

+9% +12% +31%**

Convergent B2C customer base in m

Churn improvement with convergence*

B2C billed services quarterly ARPCO (Average Revenue Per Convergent Offer), in €/month

Convergent billed service revenue B2C yoy growth

* Churn differential between convergent B2C customers and total fixed BB B2C customers

** YoY evolution calculated in local currency

2Q17

5.7

1Q17

5.6

4Q16

5.5

3Q16

5.4

3Q17

5.9

+9%

3Q172Q17

3.09

1Q17

3.07

4Q16

3.02

3Q16

2.98

+4%

3.09

2Q17

0.86

1Q17

0.74

4Q16

0.67

3Q16

0.60

3Q17

0.95

+57%

France Spain Poland

59% 83% 47%

% of broadband B2C customer base

Convergence: client with an offer combining at least

one broadband access (xDSL, FTTx or LTE4Fixed with

cell-lock) and a mobile voice contract.

€62.5+0.0% yoy

€58.7+7% yoy

€24-16% yoy**

38

29

583

10

-9

Poland

10,179

France SpainQ3’16

cb

Central

Europe

Belgium

& Lux.

Q3’17

10,274

IC&SS

eliminations

-51

Enterprise

-10

Africa

Middle

East

Continued revenue growth in most of our footprint

6

Group revenue growth yoy

Q3 17Q1 16 Q2 16

+0.0%

Q3 16

+0.8%

Q4 16

+1.0%

Q1 17

+0.8%

Q2 17

+1.4%

+0.6%

Q1 15

-0.9%

Q2 15

-0.2%

Q3 15

+0.5%

Q4 15

+0.1%

+0.9%

Q3 2017

revenue*

€10.3bn

Q3 revenue evolution, telecom (in €m)

* Orange Bank Net Banking Income is not included in Group

revenues but in Group other operating income

+0.9%

+€95m

+1.0%

+€317m

9m 2017Q3 2017

Strong growth in adjusted EBITDA, underlying trend more than offset EU roaming impact

7

Adjusted EBITDA evolution (telecom, in €m)

Q3 2017

Adjusted EBITDA

(telecom)

€3.6bn

yoy

+2.3%

+€82m

Q3’16

+2.2%

+4.8%

Q4’16

+2.5%

+3.5%

Q1’17

+2.3%

+3.1%

Q2’17 Q3’17

+4.7%

-1.2%

Q1’15

+1.6%

Q2’15 Q2’16Q1’16

+0.1%

-1.6%

Q4’15

+1.7%

Q3’15

+1.6%

-2.1%

56

109

Q3’17EU Roaming impact

3,638-83

Costs savings

excl. EU

roaming impact

Revenues growth

excl. EU

roaming impact

Q3’16 cb

3,556

As % of rev.

35.4%

+0.5pt yoy

Adjusted Ebitda growth (telecom, yoy in %)

9m 2017Q3 2017

yoy

+2.4%

+€222m

As % of rev.

31.6%

+0.4pt yoy

Adj. EBITDA growth excl. EU roaming impact

Adj. EBITDA growth

Sustained investment efforts to keep our competitive advantage in connectivity

8

9m 2017

CAPEX

(telecom)

€4.8bn

yoy

+2.0%

+€97m

Spain

94.6%

+5.6pt

Belgium

99.6%

+0.1pt

Romania

90.9%

+16.6pt

Moldova

98%

+2pt

Slovakia

83%

+6pt

France

93.8%

+10.2pt

Poland

99.8%

+2.4pt

4G coveragePopulation covered in %, yoy evolution in pp

VHBB connectable homes

Spain 11.3 m +26%

France 8.4 m +33%

Poland 2.2 m 83%

yoy

As % of rev.

15.8%

+0.2pt yoy

9m 2017

Section twoBusiness review

Q3 2017 FranceTotal revenues growth confirmed, with growth in fixed compensating pressure in mobile

Revenue evolution (yoy in %)

33.9€

Broadband ARPU Quarterly ARPU YoY evolution

22.3€

Mobile ARPUQuarterly ARPU YoY evolution

10 * Churn differential between convergent B2C customers and total fixed BB B2C customers

-15%

-10%

-5%

0%

5%

10%

-1.6%

+4.8%

-10.7%

Q2 17

+0.5%

Q1 17

-0.1%

Q4 16

-0.9%

Q3 16

-0.5%

Q3 17

+0.2%

PSTNMobile servicesBroadband servicesTotal

Q2 17

+1.4%

Q1 17

+1.6%

Q416

+0.8%

Q3 16

+1.6%

Q3 17

+1.4%

Q3 17

-0.7%

Q2 17

-0.5%

Q1 17

-0.8%

Q416

0.2%

Q3 16

-1.4%

Convergence (B2C)

Revenues Q3 yoy

+9%

Quarterly billed services ARPCO,

€/month

€62.5 +0.0% yoy

o/w Open : €65.0 ; +0.5% yoy

Number of mobile lines per

convergent offer

1.53 +0.04 yoy

o/w Open : 1.58 ; +0.05 yoy

-3.8 ptsChurn differential*

in m€ Q3 17 yoy cb 9m 17 yoy cb

Revenues 4,529 +0.2% 13,408 +0.2%

mobile services 1,635 -1.6% 4,800 -2.0%

mobile equipment 175 -0.8% 478 +4.4%

fixed services 2,581 +1.9% 7,718 +1.5%

other revenues 138 -6.7% 412 -2.4%

59% of FTTH net

adds are new

clients

FTTH ADSL and others

Q2 17

+111

Q1 17

+73

Q4 16

+116

Q3 16

+165

+320

Q3 17

Q3 2017 France commercial performanceOutstanding commercial performance on mobile net adds, mostly on high end offers

+108

Q3 17

+145

-36

+73

-38

+111

Q1 17

+73

-54

+127

Q4 16

+96

-49

+145

Q3 16

+130

+4

+126

Q2 17

Mobile contract net adds (in ‘000s) and churn rate

11.4%

Fixed BB net adds (in ‘000s)

net adds excl M2M quarterly churn rate in %

of B2C voice contract customers

have a 4G plan (+12pts yoy)69%of B2C mobile-voice contracts are

on SIM-only offers (+11pts yoy)73%

of FTTH connectable homes (+33% yoy)8.4m

of retail BB customers are on

high-end offers* (+3pts yoy)42%

of FTTH customers (+40% yoy)1.8m

*Play and Jet

94%of 4G population coverage (+10pts yoy)

#1 position

11.5%

59%of broadband B2C

customers

are on convergent

offers (+3pt yoy)

11

Q3 2017 SpainSolid revenue growth driven by growth in customer base and ARPU

Revenue evolution** (yoy in %)

6%

8%

10%

11%

9%

7%

0%

Q3 16 Q3 17

+8.3%

Q2 17Q1 17

+6.4%

+8.8%+8.5%

Q4 16

+7.9%+7.8%

+7.5%

Broadband services Mobile servicesTotal

12

32.2€

Broadband ARPU Quarterly ARPU, €/month

15.1€

Mobile ARPUQuarterly ARPU, €/month 15.1

13.5

Q416 Q2 17Q1 17

14.4 14.213.6

Q3 16

+5%

Q3 17

31.7 31.6

Q1 17

32.0

Q4 16

+4.5%

32.2

Q2 17 Q3 17Q3 16

30.8

Convergence (B2C)

Revenues Q3 yoy

+12%

Quarterly billed services ARPCO,

€/month

€58.7 +7% yoy

Number of mobile lines

per convergent offer

1.9 +0.03 yoy -8.6 ptsChurn differential*

* Churn differential between convergent B2C customers and total fixed BB B2C customers** Starting Q1 2017, fixed LTE is reported in fixed broadband (previously in mobile)

in m€ Q3 17 yoy cb 9m 17 yoy cb

Revenues 1,371 +6.4% 3,999 +7.9%

mobile services 734 +7.5% 2,070 +7.7%

mobile equipment 136 +7.2% 407 +11.0%

fixed services 501 +4.8% 1,519 +7.2%

other revenues 0 - 2 -

17.3% 19.9%

Fixed BB net adds (in ‘000s)

FTTH ADSL and others

Mobile contract net adds and churn rate

net adds in ‘000s quarterly churn rate in %

83%of broadband B2C

customers

are on convergent

offers (2pt yoy)

13

4G customers

(+25% yoy)9.0m

of B2C mobile voice contract are

on SIM-only offers99%

FTTH connectable homes

(+2.3m yoy)11.3m

TV customers

14% penetration of the FBB base593k

FTTH customers (x1.5 yoy)

50% penetration of the FBB base2.1m

B2C broadband convergent customers

(+106k yoy)3.1m

Q3 2017 Spain commercial performanceA balanced value vs. volume approach on a very competitive environment

+147+148+119

+170+135

Q2 17 Q3 17Q3 16 Q1 17Q4 16

-127 -138 -156-133 -148

+194 +199 +196+141 +137

+61

Q2 17Q4 16

+8

+40

Q1 17

+67

Q3 16 Q3 17

-11

Revenues Q3 yoy ***

+31%

Quarterly billed services ARPCO,

€/month

€24.0 -16% yoy***

Number of mobile lines

per convergent offer

1.9 +0.1 yoy -2.4 ptsChurn differential**

14

Q3 2017 PolandFixed BB performance reflects the success of VHBB strategy and convergent offers

** Churn differential between convergent B2C customers and total fixed BB B2C customers

*** YoY evolution calculated in local currency

yoy

2.2mFTTH connectable

homes+83%

Mobile contract net adds*

in ‘000s

+89+121

+190

+305

+263

Q3 17Q2 17Q1 17Q4 16Q3 16

* Excluding the impact of customer base revision on Q3 2016

47%Broadband B2C

convergent customers+15pt

2.4m +10%Fixed Broadband

customers

Fixed broadband net adds*

in ‘000s

+54+55+62

+53

+36

Q3 17Q2 17Q1 17Q4 16Q3 16

in m€ Q3 17 yoy cb 9m 17 yoy cb

Revenues 661 -1.3% 1,986 -1.0%

mobile services 288 -7.1% 873 -6.6%

mobile equipment 65 +13.3% 211 +28.7%

fixed services 271 -1.7% 802 -3.8%

other revenues 37 +39.0% 99 +35.3%

Convergence (B2C)

Q3 2017 Belgium & LuxembourgSolid customer net adds driven by convergence and attractive data offers

56% % of smartphone

penetration+12pts

15

Belgium mobile contract net adds

in ‘000s excluding M2M

+15

+21

+3

+9

+3

Q3 17Q2 17Q1 17Q4 16Q3 16

yoy

B2C Convergent net adds

in ‘000s

2.3m +2.2%Mobile contract customers

in Belgium

excl. M2M

in m€ Q3 17 yoy cb 9m 17 yoy cb

Revenues 316 +1.7% 934 +1.5%

mobile services 259 +0.6% 771 +1.2%

mobile equipment 29 +4.4% 82 -1.9%

fixed services 23 +27.7% 64 +19.2%

other revenues 5 -31.3% 16 -20.8%

Belgium contract ARPU

Quarterly ARPU yoy growth

Q3 17

+2.7%

Q2 17

+1.0%

Q1 17

+1.1%

Q4 16

+2.8%

Q3 16

-0.7%

+16

+13

+15

+13

+7

Q2 17 Q3 17Q1 17Q4 16Q3 16

16

Revenue growth boosted by Romania (yoy in %)

Q3 2017 Central European countriesSolid service revenue growth boosted by data monetization and equipment sales

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Q2 17Q3 16 Q4 16 Q1 17 Q3 17

+6.9%

+10.4%

+5.0%

+0.4%

Total Central Europe Romania MoldovaSlovakia

Central Europe mobile contract net adds (excl. M2M)

in ‘000s

* At comparable base as wireless for fixed is reported in fixed broadband starting Q1 2017

4652

16

102

63

Q4 16 Q1 17 *Q3 16 Q3 17Q2 17

4.2m 4G customers+48%

yoy

357k +25%*Fixed Broadband

customers

in m€ Q3 17 yoy cb 9m 17 yoy cb

Revenues 447 +6.9% 1,290 +5.8%

mobile services 353 +2.6% 1,026 +2.0%

mobile equipment 41 +44.8% 113 +40.7%

fixed services 38 +17.1% 112 +12.4%

other revenues 14 +12.5% 38 +14.1%

11 countries*

with 4G available

10m customers

Q3 2017 Africa & Middle EastRevenues growth kept improving driven by Data and Orange Money

17

+60%Orange Money revenue growth yoy in Q3

34.6mcustomers

10.7m active customers

in last 30 days

+38%Data revenue growth yoy in Q3

New business drivers continue to sustain growth

Revenues growth yoy in %

4.0%

3.0%

2.0%

1.0%

0.0%

Q3 17

3.1%

Q2 17

2.7%

Q1 17

0.7%

Q4 16

1.6%

Q3 16

2.5%

in m€ Q3 17 yoy cb 9m 17 yoy cb

Revenues 1,264 +3.1% 3,756 +2.2%

mobile services 1,062 +4.7% 3,151 +4.0%

mobile equipment 17 +36.1% 53 +16.5%

fixed services 167 -7.4% 499 -9.4%

other revenues 17 -6.8% 52 +8.4%

* excluding operations under equity method

18

Revenues per segment (yoy in %)

Q3 2017 EnterpriseRevenues almost stabilized, sustained by mobile equipment growth

-9.0%

6.0%

-6.0%

-3.0%

9.0%

12.0%

0.0%

3.0%

+10.7%

-0.5%+0.8%

-3.4%

Q316 Q1 17

-3.8%

Q2 17Q4 16 Q3 17

MobileTotal Voice Data IT & integration services

Mobile contract net adds excl.M2M (mostly in France)

+17% yoy

Cyberdefense

Q3 revenue growth

+37% yoy

Cloud

Q3 revenue growth

+32

+39

+14+15

+22

Q4 16 Q117 Q217 Q317Q3 16

in m€ Q3 17 yoy cb 9m 17 yoy cb

Revenues 1,778 -0.5% 5,393 -1.3%

voice 362 -3.4% 1,090 -4.5%

data 666 -3.8% 2,040 -3.3%

IT&IS 488 +0.8% 1,515 +2.3%

mobile 263 +10.7% 748 +2.5%

New equipment

contract with a French

customer

Section three2017 guidance

2017 guidance confirmed

20

Group

adjusted

EBITDA

Net debt /

Adjusted

EBITDA

Telecom

M&A

policy

Dividend

2017 > 2016

Around 2xin the medium term

€0.65

comparable

basis

2017 dividend*

Selective with focus on existing

footprint

December 7th, 2017**

2017 interim of €0.25*subject to shareholders’ approval **ex-date December 5th, record date December 6th,

payment date December 7th

7 December 2017

Investor Day

Appendices

Appendix: B2C + B2B Orange customers in France

23

Mobile KPIs (in thousands) Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17

Mobile customers (excl. MVNOs) 28,612 28,966 29,508 30,033 30,489 31,150 31,624

Contract 24,581 25,069 25,759 26,486 27,090 27,842 28,433

M2M 4,277 4,611 5,115 5,711 6,228 6,829 7,068

Excluding M2M 20,305 20,457 20,644 20,775 20,862 21,012 21,365

Prepaid 4,030 3,897 3,748 3,547 3,398 3,308 3,191

Mobile volume market share (in %)* 35.1% 35.3% 35.4% 35.5% 35.6% 35.8% 35,9%

Fixed KPIs (in thousands) Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17

Broadband customers 10,830 10,923 11,056 11,151 11,220 11,290 11,402

o/w xDSL 9,698 9,686 9,693 9,643 9,587 9,548 9,517

o/w FTTH customers 1,075 1,181 1,308 1,452 1,579 1,690 1,835

Broadband market share (in %)* 40.0% 40.1% 40.3% 40.2% 40.2% 40.2% 40.3%

Net adds broadband market share (in %)* 45.3% 64.2% 58.1% 36.8% 30.3% 49.5% 50.0%

* Numbers for the latest quarter are company estimates.

Revenues yoy evolution

FranceGroup

Spain Poland Central European countries

Africa & the Middle-East

Enterprise

-4%

-3%

-2%

-1%

0%

1%

2%

Q3Q2

+1.4%

Q1

2017

+0.8%

Q4

+1.0%

Q3

+0.8%

Q2

0.0%

Q1

2016

+0.6%

Q4

+0.1%

Q3

+0.5%

Q2

-0.2%

Q1

2015

-0.9%

Q4

-0.6%

Q3

-2.3%

Q2

-3.4%

Q1

2014

-3.8%

+0.9%

yoy

Europe

Belgium & Luxemburg

24

-2%

-1%

0%

1%

Q3Q2Q1

17

Q4Q3Q2Q1

16

+0.2%

0%

2%

4%

6%

8%

10%

Q3Q2Q1

17

Q4Q3Q2Q1

16

Q4Q3Q2Q1

15

Q4Q3Q2Q1

14

+3.1%

-10%

-5%

0%

5%

Q3Q2Q1

17

Q4Q3Q2Q1

16

Q4Q3Q2Q1

15

Q4Q3Q2Q1

14

+3.9%

-2%

-1%

0%

1%

2%

Q3Q2Q1

17

Q4Q3Q2Q1

16

-0.5%

-10%

-5%

0%

5%

10%

Q3Q2Q1

17

Q4Q3Q2Q1

16

Q4Q3Q2Q1

15

Q4Q3Q2Q1

14

+6.4%

-8%

-6%

-4%

-2%

0%

2%

Q3Q2Q1

17

Q4Q3Q2Q1

16

Q4Q3Q2Q1

15

Q4Q3Q2Q1

14

-1.3%

-20%

-15%

-10%

-5%

0%

5%

Q3Q2Q1

17

Q4Q3Q2Q1

16

Q4Q3Q2Q1

15

Q4Q3Q2Q1

14

+1.7% 7.5%

5.0%

2.5%

0.0%

-2.5%

-5.0%

-7.5%

Q3Q2Q1

17

Q4Q3Q2Q1

16

Q4Q3Q2Q1

15

Q4Q3Q2Q1

14

+6.9%

25

in €m Q3’16 cb Q3’17 actual 9m’16 cb 9m’17 actual

Adjusted EBITDA 3,548 3,622 9,397 9,599

Restructuring and integration -10 - -350 -75

Litigations -3 - 37 -61

Labour related -34 -29 -114 -87

o\w Senior Part Time -34 -29 -114 -106

Portfolio review and others - - -8 -5

Reported EBITDA 3,501 3,593 8,962 9,371

EBITDA adjustments